The Federal Reserve is in the midst of a massive economic stimulus, which has been billed as a “rebalancing” of the US economy.
It has helped boost the economy and its stock market, while also encouraging Americans to spend more on food and household goods.
The stimulus has brought the stock market up by more than 3 per cent in 2017, the fastest rate of gains since 2007, the last time it was in such good shape.
But with the US still struggling with the effects of Hurricane Harvey, some are calling the stimulus a failure, saying it has failed to stimulate the economy at all.
The US has been spending more than $2 trillion on stimulus over the last decade, but some analysts have argued that it hasn’t helped the economy recover in a meaningful way.
The most recent unemployment rate is 5.6 per cent.
This month, it hit 6.6.
And the unemployment rate in February was 4.5 per cent, the lowest in decades.
And while the Federal Reserve has spent more on stimulus than any other government agency, it has only succeeded in bringing the economy back to health in some parts of the country.
And that’s because the stimulus has helped some Americans get ahead, and in some cases, helped those people stay ahead.
So it’s not the first time the Fed has had to take a hit for its policies, but it has done so for the wrong reasons.
The Fed is a big part of the global economy and the US is one of the most important markets for its actions.
But the Fed also plays a big role in many countries, including the UK, France, Australia and China, which rely heavily on the US to maintain their economic growth.
“In a lot of places, you have to look at the global impact of the stimulus,” Professor David Moberg, from the University of Sydney’s School of Business, told the ABC.
“The Fed is important, but not the primary driver of economic growth.”
And the US has spent so much on the stimulus in the past decade that it has become more reliant on its allies.
In the UK and France, the government’s stimulus programme has actually brought down the rate of inflation by a quarter.
In Australia, the federal government has been the biggest beneficiary of the Fed’s stimulus.
The UK is also a major contributor to the US stimulus, and it has had an inflation rate of 3.9 per cent this year, the highest rate in the world.
And so, the Fed is increasingly dependent on the UK as well as other major economies for its success.
And it’s the UK’s financial markets that are the big winners from the Fed, and the UK is the largest investor in the US.
“There are some of the big gains that have been made by UK government,” Professor Mober, from Sydney’s business school, said.
“If you look at Treasury bond yields in the UK there are now higher than in any other country, and that is not due to any one policy.”
But the UK has also benefited from the rise in the value of the pound.
The pound has fallen by around 10 per cent against the US dollar since the start of the year, and has lost over 80 per cent of its value since the Brexit vote.
And many economists are worried that the UK economy could be in for another major downturn this year as a result.
And Professor Maber said the rise of the UK to the top of the world’s financial infrastructure list is the biggest factor behind the weakness of the British economy.
“A lot of the gains from the US have come from the financial infrastructure and UK is one area where that has been most important,” he said.
And, although the UK remains one of America’s biggest financial centres, the economy is growing slower than the US, as the US suffers from the economic fallout from Hurricane Harvey.
And for those people that are already struggling to pay the bills, the costs of the recession have also been felt.
Professor Mabor said it was important that the US was not left behind in the global financial system, and he said there were many things the US could do to boost the financial systems of other countries.
But he said it would be a mistake for the US not to invest more in its own recovery.
“I think the biggest mistake the US can make right now is to try to be the ‘saviour’ of the planet and to be one of those places that just doesn’t do anything,” Professor Egan, from Australia’s University of Technology, told ABC News.
“It’s a very bad idea.”
But Professor Maverg disagreed.
“We have to invest in the recovery of the United States,” he added.
“When we do that, then we will have a much better chance to be a major player in the future.”